
Due to the continuous increase in the prices of petrol and diesel, the government is under great pressure to cut their prices. To get relief from their increased prices, there is a demand to bring them under the purview of GST. Recently, the Prime Minister and then the Chief Economic Advisor Krishnamurthy Subramaniam also advised to bring it under the purview of GST. Before this, Petroleum Minister Dharmendra Pradhan has also suggested this. However, Finance Minister Nirmala Sitharaman has described it as religious. Now SBI economist Soumikanti Ghosh has said that after being brought under the ambit of GST, the price of petrol and diesel can come to Rs. 68.
Petrol and diesel fall in GST, 0.4% loss to GDP
Saumyakanti Ghosh has said in his assessment that petrol and diesel and the state governments will only incur a revenue loss of one lakh crore rupees which will be 0.4 percent of GDP. This assessment has been done based on the price of crude oil in the international market at $ 60 per barrel and a dollar-rupee exchange rate of 73 rupees per dollar. Both the central and state governments impose their tax on petrol and diesel. States apply VAT on petrol and diesel as per their requirement. The center imposes excise duty. With this, the center's cess is put on it. In some parts of the country, the price of petrol has reached 100 rupees a liter.
Saudi Arabia turned down India's request
Meanwhile, OPEC has ignored India's plea to lift applicable controls on crude oil production. At the same time, there has been an increase in the price of crude oil in the international market. Saudi Arabia has told India that it can use the crude oil it bought at the time when the price of crude oil went down significantly last year. Brent crude oil, which is the most used crude oil, rose nearly one percent to $ 67.44 a barrel on Friday.
Petroleum Minister Dharmendra Pradhan appealed to OPEC countries to reduce the restrictions imposed on production to bring stability in the price of crude oil. He believed that due to the rising crude oil prices in the international market, both the improvement in the economic sector and the demand are having a bad effect.
Plane Crash: Two planes collided in the air in California, USA, many feared dead
Several people are reported to have died in a collision between two planes in California, USA. Ac
According to the Central Pollution Control Board, more than three and a half hundred rivers in th
The Kerala High Court on Thursday asked the central government whether it is not the duty of the
Piles of suitcases at the airport and hours of waiting... over 400 IndiGo flights cancelled.
Several IndiGo flights have been disrupted once again. The airline's flights are either delayed o
Seven thousand 633 new cases of corona have been found in the last 24 hours in India. While there
Nawab Malik has made very serious allegations against former Maharashtra Chief Minister Devendra
Director Aditya Dhar’s films, Dhurandhar and Dhurandhar: The Revenge, have raked in massive
Leader Shama Mohammed, who called Indian cricket team captain Rohit Sharma fat, has now made a st
Madhya Pradesh Deputy Chief Minister Rajendra Shukla and ASP Anuj Chaudhary reached out on Sunday
After Srilanka-Pakistan, why has the economy of Bangladesh become crispy now?
Tens of thousands of people are taking to the streets in Dhaka to protest against the Bangladeshi